Dhaka, March 4 -- Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April while markets braced for US tariffs on Canada, Mexico and China to take effect.

Brent futures fell 49 cents, or 0.7 per cent, to $71.13 a barrel at 0455 GMT, as US West Texas Intermediate (WTI) crude eased 26 cents, or 0.4 per cent, to $68.11.

"The current downward trend in oil prices is primarily driven by OPEC+'s decision to increase output and the introduction of US tariffs," said Darren Lim, commodities strategist at Phillip Nova, reports Reuters.

A further complicating factor was geopolitical developments related to the Russia-Ukraine conflict, he added.

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